On December 7, 2024, XRP, the native token of Ripple Labs, garnered significant attention from crypto enthusiasts amid its recent breakout. However, this breakout comes after a decent price correction the altcoin experienced following a notable rally.
During the price correction, a crypto whale saw the price drop as an ideal buying opportunity and purchased a significant 120 million XRP tokens worth $288 million. This substantial acquisition occurred when XRP dropped from $2.90 to $2.22, as reported by a crypto expert on X (formerly Twitter).
This significant purchase indicates a successful “buy the dip,” as the XRP price continues to rally.
At press time, XRP is trading near $2.55 and has experienced an impressive price surge of over 8% in the past 24 hours. During the same period, its trading volume dropped by 10%, indicating lower participation from traders and investors compared to previous days.
Besides XRP’s impressive performance, data shows that other whales and institutions have also accumulated significant XRP tokens, in addition to the $288 million acquisition, as reported by the on-chain analytics firm Coinglass.
According to expert technical analysis, XRP has recently broken out from a strong resistance level, which it had been facing after breaching the descending trendline. Following this breakout, there is a strong possibility it could soar by 15% to reach the $2.90 level, with $3 also being a potential target if the sentiment remains unchanged.
On the positive side, XRP’s Relative Strength Index (RSI) currently stands at 56, below the overbought territory, indicating potential buying opportunities and hints of upcoming rallies.
With the recent breakout, traders’ interest has skyrocketed as XRP’s open interest has soared by 11% in the past 24 hours and 5% in the past four hours, as reported by the on-chain analytics firm Coinglass.
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